- Asia shares rally, but on track for worst quarterly loss in four years (Reuters)
- Global Rally Shows Relief at End of $11 Trillion Stocks Meltdown (BBG)
- Glencore Extends Rebound as Turmoil Shows Signs of Easing (BBG)
- Putin wins parliamentary backing for air strikes in Syria (Reuters)
- China Cuts Minimum Home Down Payment for First-Time Buyers (BBG)
- German Unemployment Unexpectedly Rises in Sign of Economic Risks (BBG)
- Japan Industrial Output Slide Hints at Recession (WSJ)
"They don't understand the treacherous path they are going down. God knows where this is going. It's very dangerous and could be disastrous."
Trump Sides With Putin On Syria: "You Should Let Russia Destroy ISIS As Opposed To Saying 'We're Jealous'"Submitted by Tyler Durden on 09/29/2015 13:27 -0400
"The people that want to come in and replace Assad, nobody knows who they are and they could end up being worse. We're constantly going out and siding with people and they turn out to be worse than the people who were there before."
In yet another indication that manipulation may well be unspoken (or perhaps even spoken) policy at the BOE, new details regarding the UK Serious Fraud Office's investigation into emergency liquidity auctions conducted during the crisis suggest the central bank may have played a direct role in rigging the bids.
As WSJ reports, "Bank of America Corp. is expected to announce layoffs in its global banking and global markets unit as early as Tuesday, according to people familiar with the matter."
convincing equity that company is viable is one thing (and the company and its sellside cheerleaders sure are trying). Convincing the far more skeptical bond market, which is desperately trying to figure out the counterparty risk, will be far more difficult...
This is an important story and shows how China and Russia are increasingly close and strong allies who are flexing their muscles and asserting themselves as rival superpowers to the U.S.
- Commodities in crisis as Asian shares tumble and shipper files for bankruptcy (Reuters)
- Global Rout Eases as S&P 500 Futures Advance With Oil, Glencore (BBG)
- Chinese Stocks Decline Most in a Month in Hong Kong on Economy (BBG)
- India cuts interest rates by more than expected (BBC)
- Glencore Rebounds as $50 Billion Plunge Is Seen as Excessive (BBG)
- How Congress May Have Saved Goldman Sachs From Itself (BBG)
Unlike previous gold probe cases, this one will have major consequences. How do we know? Because just like in LIBOR-gate, just like in FX-gate, it is the biggest rat of all, Swiss megabank UBS, that is about to turn on its former criminal peers. As Bloomberg reported earlier "UBS was granted conditional leniency in Swiss antitrust probe of possible manipulation of precious metal prices." Why would UBS do this? The same reason UBS did so on at least on two prior occasions: the regulators have definitive proof it is involved, and gave it the option to turn evidence and to rat out its cartel peers, or face even more massive financial penalties. UBS, as usual, choice the former.
There’s an enormous and growing disconnect between the cash and physical markets for gold. This is exactly what we would expect to precede a major market-shaking event based on a physical gold shortage.
- Headline winner: "Read Beyond Massive Job-Cuts Headlines: Labor Market Is Fine" (BBG)
- And speaking of lies: The More Yellen Talks Up Inflation, the Less Traders Believe Her (BBG)
- How Some Investors Get Special Access to Companies (WSJ)
- Victorious Catalan separatists claim mandate to break with Spain (Reuters)
- Russia seizes initiative in Syria (Reuters)
- Former VW boss Winterkorn investigated for fraud (Reuters)
- Investors Pull Back From Junk Bonds (WSJ)
In "Sweeping" Interview, Putin Calls US Syria Strategy "Illegal", Details Russia's Support For AssadSubmitted by Tyler Durden on 09/27/2015 10:27 -0400
"In my opinion, provision of military support to illegal structures runs counter to the principles of modern international law and the United Nations Charter."
"...there’s an enormous and growing disconnect between the cash and physical markets for gold. This is exactly what we would expect to precede a major market-shaking event based on a physical gold shortage."
And for once it isn't Apple...
Are some Chinese banks ramping up their exposure to shadow conduits on the way to obscuring massive amounts of credit risk? Moody's says yes...